I didn’t want to weigh in on this issue until I had re-read The Hobbit. After re-reading the book, I think it’s a bad idea. There’s just not enough material in the one book to warrant three films. Granted, there is plenty of other Tolkien material to pull from like The Silmarillion and the original trilogy of books. But, if the films have to add all that extra material, I think the original story is going to get lost in the fray. However, I do trust Peter Jackson. He has made amazing films out of the Lord of the Rings, and I hope that the Hobbit will be just as good.